Year end accountants

HMRC annual accounts for solicitors

Compare your year on year performance accurately, check your margins, and ensure that there are no anomalies when it comes to transferring client money. By keeping these accounts up to date, you can save a lot of time and money in the long-run, and it will help you make targets that drive business success. 

If you’re using software such as Xero or Leap, our team has expertise in both, and many more. We’ll ensure any systems you have in place are continued. While many accountants find the integrations between software complicated, we’re ready to advise you to keep your report standard high, allowing you to have better insight into your company’s books. 

Decide your year-end

Opting for March 31st or April 5th for your year-end can avoid any complicated overlap relief calculations for sole traders or partners. It will also make your tax liability based on the latest finalised accounts—keeping everything up to date will avoid any anomalies later down the line. 

What are “end of year accounts”?

Statutory requirements include four things: 

1. Director’s report (a business report covering the years’ performance, and predictions for the year to come). 
2. Balance sheet (this is a list of all your assets and liabilities).
3. Profit and loss (a summary of income and expenses including the total profit or loss over the period). 
4. Supporting notes (this is a commentary on the profit and loss balance sheet). 

Get your records ready for year-end accounts

An organised year-end starts with a clear picture of your bookkeeping. Bring together your latest trial balance, bank reconciliations, debtor and creditor information, payroll summaries and details of transactions that need explanation. The exact information required depends on your firm’s structure and reporting needs.

Resolve questions before the final review

Keep a record of missing invoices, unexplained balances and differences that still need investigation. Providing supporting information alongside each query helps the review move forward with fewer gaps.

Connect annual reporting with ongoing bookkeeping

Year-end accounts show a completed period, while regular management accounts help you review performance during the year. Keeping the underlying books current supports both processes.

Tell us your accounting year-end, business structure, software and the work handled by your existing accountant. We can clarify the annual accounts and tax-related work included in an engagement. Discuss your year-end requirements with My Legal Cashier.